India ranked at 4th position in black money outflows

What : India ranked at 4th position in black money outflowsWho : Data provided by the Swiss Banking AssociationWhere : 09th December 2015

According to Global Financial Integrity Report, India ranked at 4th position in black money outflows as the report announced on 09th December 2015 while China ranked at No.1 position followed by Russia and Mexico.

According to a recent report released by Global Financial Integrity (GFI) Illicit Financial Flows from Developing Countries, India is the fourth largest source of black money outflow. According to the report, 1.1 trillion USD flowed illicitly out of developing and emerging economies in the year 2013. According to the data provided by the Swiss Banking Association, India has more black money than the rest of the world combined.

The black money outflows are mainly credited to tax evasion, crime, corruption and other illicit activities. Black money is referred to as funds, earned in black market, on which income and other taxes have not been paid.

Here are top five countries that have found a place in the black money outflow report:
China
China tops the list with 139 billion USD outflow of black money per annum. The number was around 258.64 billion USD in year 2013.

Russia
Russia is on the second number with 104 billion USD outflow of black money per annum.

Mexico
Mexico has been placed at the third position with 52.8 billion USD outflow of black money per annum.
India
Meanwhile, from India, 51 billion USD black money flowed out per annum. The outflow of black money from India to foreign countries increased nine-fold from 10 billion USD in 2003 to 94.7 billion USD in 2012. Notably, India’s defence budget is less than 50 billion USD.
Malaysia
Last year, the country had ranked at the fifth position. In the evaluation period of 2012, 49 billion USD black money out flowed from the country.